I think a better use would be to make a game that appeals strongly to fans of the IP gameplay while trying to expand the fanbase to appeal to newer gamers.
Or, make a lower-cost game that aims strictly at a niche market and doesn't need huge sales to turn a profit.
Unfortunately most publishers don't want to waste effort on niche markets.
It makes more sense to burn the IP in an attempt to promote a new shooter than to make plenty of adjustment to enter a low-profit nostalgia-ridden and indie-overrun market.